Monarch Group narrows losses

Monarch Group hopes to return to profitability in the autumn, the airline and tour operator said yesterday as it revealed it had narrowed losses by 71 per cent to £14.9m in the year to October 2012. Monarch also posted a double-digit rise in revenues in the half-year to April, while its airline passenger volumes were up 6.9 per cent to 1.9m. Executive chairman Iain Rawlinson said Monarch’s cost-cutting drive was progressing well.